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Tax Hikes Are on the Table

Mondale's Ghost Stalks the Democratic Gubernatorial Field

Proving that common sense, let alone economic literacy, are as rare as hen’s teeth in some political circles, both Brian Moran and Creigh Deeds refused to rule out tax hikes to clean up the state’s budget woes:

“Everything should be on the table,” said Del. Brian Moran, D-Alexandria. His position was echoed by state Sen. Creigh Deeds, D-Bath.Terry McAuliffe, a former chairman of the Democratic National Committee who is eying a gubernatorial bid, disagreed. “You don’t raise taxes in a down economy,” he said.

Give McAuliffe credit: at least he’s paying attention. as for Deeds and Moran I’ve got two words for them:

Walter Mondale.

As for Republican contender Bob McDonnell:

McDonnell also rejected taxes, saying lawmakers should cut spending. “The worst thing you can do during a recession is try to tax yourself to prosperity,” he said.

This is exactly right. Even more, it’s just what will happen in the next session (assuming the Democrat-controlled Senate isn’t as oblivious to current economic conditions as Sen. Deeds…which is assuming a great deal).(cross-posted at Tertium Quids)